Google's Nest to buy Dropcam for $555 mln - report

Sat Jun 21, 2014 8:51am IST

A Google logo is seen at the garage where the company was founded on Google's 15th anniversary in Menlo Park, California September 26, 2013. REUTERS/Stephen Lam/Files

A Google logo is seen at the garage where the company was founded on Google's 15th anniversary in Menlo Park, California September 26, 2013.

Credit: Reuters/Stephen Lam/Files

Related Topics

(Reuters) - Google Inc's Nest Labs will buy home-monitoring camera startup Dropcam for about $555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers' homes.

Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.

Google is increasingly expanding into new markets, with efforts ranging from high-speed Internet access to advanced research on self-driving cars and robotics.

It bought Nest, which makes smart thermostat and smoke alarms, this year for $3.2 billion, the Internet firm's second-largest ever acquisition.

The deal was touted as a foray into the fast-growing "smart" home automation market, at a time consumer appliances and Internet services are merging. But it also raised concerns about the privacy implications for Google, which already collects rafts of data about users' online habits.

Dropcam, which lets users monitor homes and offices via its camera hardware and software, will adopt Nest's privacy policy after the acquisition, the latter company said in its blog post. That means data will not be shared with any other firm, including Google, without a user's permission, it said.

Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

TECH WRAP

Reuters Showcase

Photo

Vodafone Tax Case

India's Vodafone decision eases tax worries for Shell, others  Full Article 

Facebook Earnings

Facebook Earnings

Facebook tops Wall Street revenue target in 4th quarter.  Full Article 

Japanese Hostage

Japanese Hostage

Islamic State said to set new deadline for hostage swap  Full Article 

Cricket World Cup

Cricket World Cup

Batting holds key for team India in World Cup  Full Article 

Photo

Australian Open

Serena fends off Keys to book blockbuster Sharapova final   Full Article | Related Story 

Road To Development

Road To Development

Build better roads in developing world to bolster food supplies - study  Full Article 

Photo

Laser Pioneer Dies

Laser's co-inventor, Nobel laureate Charles Townes, dead at 99  Full Article 

New ODI Record

New ODI Record

Sri Lanka's Sangakkara breaks ODI record for dismissals  Full Article 

Rohingya Muslims

Rohingya Muslims

Rohingya refugees say traffickers in Malaysia abuse and kill.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage